Under what type of group life insurance policy may coverage be provided for eligible family members and dependents?
Asked by: Dr. Nikko Breitenberg | Last update: August 8, 2023Score: 4.9/5 (60 votes)
Voluntary dependent life insurance, also called dependent group life insurance, is often made available as part of a benefits plan through employers. Dependent insurance can cover your spouse, children and any other eligible dependents, depending upon the rules laid out in the plan.
Does group life insurance cover family members?
Family SGLI, also known as Family Servicemembers' Group Life Insurance (FSGLI), offers coverage for the spouse and dependent children of service members covered under full-time SGLI. Find out how much coverage you may qualify for—and how to apply for and manage your benefits.
Which of the following is an eligible group for group life insurance?
Eligible groups include employer-sponsored groups, trade or professional associations, and labor unions. Multiple employer trusts (METs), multiple employer welfare arrangements (MEWAs), and lender groups are also eligible. However, a group cannot be formed only for the purpose of buying insurance.
What is group dependent life insurance?
Dependent life insurance pays a death benefit upon the death of a designated “dependent,” which typically equates to a spouse, domestic partner or child.
Can group life insurance cover a spouse and dependents?
Life insurance can provide employees with financial protection for their loved ones. Because coverage is also available for their spouse and dependents, Life Insurance can also help your employees cover necessary expenses if they lose a loved one.
Federal Employees' Group Life Insurance (FEGLI) Program
What are the types of group life insurance?
There are three basic types of group life insurance: group term life, group universal life and variable group universal life. The most common form of group life insurance is group term life.
What is dependent coverage?
Insurance coverage for family members of the policyholder, such as spouses, children, or partners.
Who is eligible for dependent life insurance?
Eligible Dependents
Your unmarried biological or adopted children and stepchildren up to age 26. (Your spouse's biological and/or adopted children are eligible if they meet the age and dependent criteria.)
What is a group life insurance policy?
Answer: Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policy owner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group.
What kind of life insurance product covers children under their parents policy?
Child life insurance covers the life of a minor and is typically purchased by a parent, guardian or grandparent. In general, these policies are whole life products — a type of permanent life insurance. This means coverage lasts for the child's entire life, as long as the premiums are paid.
What is voluntary group term life insurance?
Voluntary life insurance is a type of group life insurance that some employers offer as an optional benefit. Voluntary life insurance is typically cheaper than other life insurance options due to your employer's sponsorship.
Which of the following is a requirement to be eligible for a group health policy?
Generally, to be eligible for group health insurance, a business must fulfill two main requirements: The business must have at least one qualified full-time or full-time equivalent employee other than the business owner or a spouse.
Which of the following employees insured under a group life plan would be allowed to convert to individual insurance of the same coverage What's the plan is terminated?
If the master contract is terminated, every individual who has been on the plan for at least 5 years will be allowed to convert to individual insurance of the same coverage.
What is group insurance coverage?
Group Insurance health plans provide coverage to a group of members, usually comprised of company employees or members of an organization. Group health members usually receive insurance at a reduced cost because the insurer's risk is spread across a group of policyholders.
Who is eligible for health coverage under a group policy issued to a labor union?
(1) (a) The persons eligible for coverage shall be all of the employees of the employers or all of the members of the unions or organizations, or all of any class or classes thereof. (iv) The trustees or their employees, or both, if their duties are principally connected with the trusteeship.
What is a primary and secondary beneficiary on life insurance?
Your primary beneficiary is first in line to receive your death benefit. If the primary beneficiary dies before you, a secondary or contingent beneficiary is the next in line. Some people also designate a final beneficiary in the event the primary and secondary beneficiaries die before they do.
What type of life insurance is most commonly used for group plans quizlet?
The most common use of group life insurance is in the business arena. Employers buy group life coverage for the benefit of their employees. Group life insurance is most often provided in the form of annually renewable term insurance (though a form of group permanent life insurance is available).
What are the three main types of life insurance?
Whole life insurance, universal life insurance, and term life insurance are three main types of life insurance.
What are group life insurance benefits?
Group life insurance is a common employee benefit that provides a death benefit to the insured's beneficiaries if they die while part of the organization. The purpose is to provide financial support to the families of such employees.
Are there two types of life insurance?
There are two primary categories of life insurance: term and permanent. Term life insurance lasts for a set timeframe (usually 10 to 30 years), making it a more affordable option, while permanent life insurance lasts your entire lifetime.
What is family term rider?
A family income rider is an optional add-on to your term life insurance policy that, if you pass away, will start paying out your death benefit in monthly installments to replace the income you provided your family.
What is group term life?
Group term life insurance is an insurance policy offered to all members of a group. The group usually is employees of a particular company, but it may also be members of another type of group, such as a membership association or labor union. Employers often provide group term life insurance as an employee benefit.
What is dependent life?
Group dependent life insurance covers the dependents of an insured employee. Employer's offering this coverage recognize that employees with dependents have a greater need for insurance than those without dependents.
What are dependents and beneficiaries?
A dependent is a person who is eligible to be covered by you under these plans. A beneficiary can be a person or a legal entity that is designated by you to receive a benefit, such as life insurance.
What is a Dependant?
de·pen·dent | \ di-ˈpen-dənt \ variants: or less commonly dependant. Definition of dependent (Entry 2 of 2) 1 : one that is dependent especially : a person who relies on another for support an individual's spouse and dependent. 2 archaic : dependency.